Samsung Developing Blockchain based on Ethereum, To Issue its own “Samsung Coin” Token

South Korean multinational conglomerate and electronics giant Samsung is developing its own blockchain network based on Ethereum and even planning to issue its own token eventually thereafter, reported CoinDesk Korea citing a person privy to Samsung’s internal developments.

Samsung’s blockchain task force, which is part of its wireless division, is building a blockchain mainnet based on Ethereum in an “internal experimental” stage, said the report.

The report quoted the person and said, “Currently, we are thinking of private blockchain, though it is not yet confirmed. It could also be public blockchain in the future, but I think it will be hybrid – that is, a combination of public and private blockchains.”

The report further said that after the company is done with the development of the blockchain, it may also move to launch a “Samsung Coin” token.

It is to be noted that, Samsung has already unveiled its flagship smartphone with “Crypto features” wherein the smartphone — Galaxy S10 — can store cryptocurrency private keys and support a host of blockchain-based features including digital signatures.

Notably, on Wednesday, Samsung SDS, the IT subsidiary of Samsung, has released a new version of its enterprise blockchain platform dubbed Nexledger Universal.

Prior to this, Samsung SDS had also announced the partnership with India’s IT major Tech Mahindra to collaborate in the global blockchain market. As part of the collaboration between the two companies, Tech Mahindra will offer Nexledger in both Indian and global market.

Besides blockchain, Samsung is also front runner in Internet of Things (IoT) as back in March 2016 Samsung along with IBM had unveiled a proof-of-concept (PoC) for ADEPT, a system which uses a blockchain protocol as a basis for a distributed network of devices and Samsung called it “a sort of decentralized Internet of Things (IoT)”.

Later in 2017, the electronics giant announced the launch of the Exynos i T200, Samsung’s first processor optimized for IoT devices.